Estonia

map Estonia
As the economic effects of the war in Ukraine gradually reveal themselves, the Estonian economy is heading for a difficult phase: inflation is extremely high; the foreign trade outlook is getting grimmer; and private consumption is being undermined by rocketing prices and shrinking savings. Yet, we expect the economic decline to be more of a dip, as energy prices are reined in, while purchasing power will be backed by state support and steady wage growth.
        FORECAST*
Main Economic Indicators201920202021202220232024
Population, 1000 persons132713301331...
GDP, real change in %3.7-0.68.01.01.43.1
GDP per capita (EUR at PPP)245602458027560...
Gross industrial production, real change in %6.9-3.07.2...
Unemployment rate - LFS, in %, average4.46.86.25.96.55.0
Average gross monthly wages, EUR140714481548...
Consumer prices, % p.a.2.3-0.64.518.58.04.5
Fiscal balance in % of GDP0.1-5.5-2.4-3.5-4.2-3.9
Public debt in % of GDP8.518.517.6...
Current account in % of GDP2.4-1.0-1.8-0.70.10.3
FDI inflow, EUR m270831226169...
Gross external debt in % of GDP76.188.884.7...


Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.

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Executive summary

Branimir Jovanović
in: Bracing for the Winter
wiiw Forecast Report No. Autumn 2022, October 2022 , pp. I-VIII
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Monthly Report No. 7-8/2022

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Bernhard Moshammer, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2022
58 pages including 4 Tables and 21 Figures

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